Industrial output growth slows down

Industrial production slowed a little last month, a sign that the economy may be cooling. Growth in industrial production output slowed to 16.7% in July from a year earlier, down from 19.5% in June, the Wall Street Journal reported. World Bank economists said moves by Beijing to slow the economy – an interest rate hike, two increases in bank reserve requirements and new property taxes – may be having an impact. Some fear that if the economy grows too much too fast it could create a glut of goods, seriously harming profits. The figures released Tuesday by the World Bank show the economy should still expand by 10.4% this year, sharply higher than the 9.5% initial forecast but slower than the 11.3% second quarter growth – the highest in 12 years.

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